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PNB Reports Borrowal Fraud Of Rs 1,203 Crore By Sintex Industries

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PNB Reports Borrowal Fraud Of Rs 1,203 Crore By Sintex Industries

State-run Punjab National Bank hs once again reported a borrowal fraud of Rs 1,203.26 crore in the non-performing assets (NPA) account of Sintex Industries.

The bank alleged, '1203.26 crore loan fraud has been detected in the NPA account of Messrs. This fraud was reported at PNB’s large corporate branch at Ahmedabad, Zonal Office in Gujarat.

“A fraud of Rs 1,203.26 crore is being reported by the bank to the RBI in the accounts of the company (SIL). Bank has already made provisions amounting to Rs 215.21 crore as per prescribed prudential norms,” it said in a filing with the BSE.

Sintex Industries Limited works in many sectors. The company manufactures fabrics from threads to water tanks. Sintex is a well-known name as a home furnishings manufacturer in India. Sintex Group is owned by Sintex Plastics Technology Limited, which divested from Sintex Industries in 2017.